Downward Mobility

Goldman Execs Bid Bonuses Adieu

The long road of investment banker repentance and rehabilitation begins: Goldman Sachs’ seven top executives have announced that they will forgo their 2008 bonuses, giving up potentially tens of millions of dollars. Some see the move as a precedent that other large firms, like Morgan Stanley and Merrill Lynch, will follow. Goldman is expected to post its first quarterly loss as a public company ever in December. Lloyd Blankfein collected $68.5 million in cash and stock last year, but he and Goldman’s other board members will have to scrape by on their base salaries of $600,000.